Event description
The company disclosed half-year results in 2022, 2022H1 realized revenue of 2.47 billion yuan (+ 31.4%), net profit of 230 million yuan (- 21.2%), and core net profit of 360 million yuan (+ 30.1%).
Event comment
The scale performance has improved rapidly, and the profit structure has been continuously optimized. Benefiting from the high growth of management scale and community value-added services, the company's revenue performance still maintained a high growth rate. 2022H1 achieved revenue of 2.47 billion yuan (+ 31.4%) and core return net profit of 360 million (+ 30.1%). According to the breakdown, the revenue of basic property management / community value-added / smart park / developer value-added services is + 51.4%, 113.2%, 36.3%, 29.8%, respectively, and the proportion of revenue from the two core businesses is 81.8% (+ 17.2pct), which is further reduced compared with that of development-related businesses. Community value-added services continued the momentum of high growth, and non-cyclical business maintained good performance. Revenue from group meals / facility management / community life services reached 252.9%, 87.1% and 115.7%, respectively, compared with the same period last year. Under the combined effect of the increase in the proportion of non-residents, the increase in service costs during the epidemic, and the increase in the proportion of revenue from low-margin businesses such as group meals, 2022H1's gross profit margin decreased by 1.6pct to 29.0% compared with the same period last year. The gross profit margin of basic property management / community value-added / smart park / developer value-added services is respectively-2.4/-10.1/+0.1/-3.0pct to 28.5% 35.1% shock 16.1% 26.2%. Although the real estate dollar bonds invested by the company have brought nearly 150 million losses to the company due to the sharp fluctuations in the dollar bond market, it does not change the high growth trend of its property management business and community value-added services, and the company's follow-up performance is still expected.
Continuous high-quality expansion, business form supplement and "big logistics" have achieved remarkable results. As of 2022H1, the contract / tube area reached 170 million square meters, which was 40.7% compared with the same period last year, and the joint pipe ratio was still 1.7, providing a bottom line guarantee for the subsequent growth rate. The dependence on related parties continues to weaken, with third parties accounting for + 8.1/+9.3pct to 50.9% and 44.0% of the management / contract area respectively compared with the same period last year. Attach importance to the completion of non-residential forms, continue to build comprehensive logistics service capacity, acquire Jinyu property in Tianjin in the first half of the year, and enhance the service capacity of hospitals. As of the middle of this year, the proportion of the company's non-residential management area has risen steadily to 24.2% from 8.3% at the end of 2020, and in the first half of the year, the company has signed more than 1 billion yuan in annual logistics contracts in three areas: health care, industry and commerce, and education. the company's "big community" + "big logistics" strategy has achieved remarkable results.
The policy side optimizes the capital security of related housing enterprises, and community value-added services open up long-term space. Recently, the policy of the development industry is profitable and spread frequently, and it has made breakthroughs in ensuring delivery, credit, and stabilizing demand, which is beneficial to the sales performance and capital security of related parties. With the gradual loosening of the policy end of the development industry, the suppressing factors of market sentiment in the early stage are expected to be alleviated marginally. The continuous Nuggets community value-added service has opened up the company's long-term profit space. in the first half of the year, the company successfully completed the acquisition of Suzhou Hayos catering, and the group meal service capacity continues to strengthen, currently managing more than 130. facilities management services in the management of the number of elevators has increased rapidly, as of the middle of the year has nearly 30000, the company's value-added service prospect is worth looking forward to.
The follow-up results are still highly certain, and the company is expected to usher in a valuation repair. The development policy side is continuously optimized, and the suppressing factors of market sentiment in the early stage are expected to be released marginally; the reserves on hand and related party support provide a higher performance bottom line, and the continuous improvement of market-oriented extension ability adds to the scale growth rate; power format completion and value-added service cultivation, the effectiveness of the "large community" + "big logistics" strategy is prominent, and the company's high performance growth still has high certainty. It is estimated that the core homing net profit of the company from 2022 to 2024 will be RMB 88,116,000,000 respectively, corresponding to a PE of 6.4Compact 3.8X, maintaining a "buy" rating.
Risk hint
1. The long-term challenge of the gross margin of inventory.
2. The development of market expansion and community value-added services is not as good as expected.